Taiwan to Regulate ICOs bitcoin casino free bonus

Taiwan to Regulate ICOs

FSC Chairman Wellington Koo.

The chairman of Taiwan’s Financial Supervisory Commission (FSC), Wellington Koo, has reportedly confirmed that the commission is drafting national standards for initial coin offerings (ICOs). The FSC aims”to create virtual tokens as simple to invest in as stocks and equally as liquid,” the Taipei Times reported on Oct. 23.

In a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng asked Koo if the government would regulate ICOs. Tseng pointed out that 127 ICO whitepapers were discovered to be fake, the book described, adding that 80 whitepapers were found to be incorrect as April. The legislator quoted findings from Satis Group showing that 81 percent of ICOs have been identified as scams.

The information outlet conveyed the reply of Koo:

The commission would regulate ICOs… [but] tokens exchanged for goods, such as those used in accruing points at convenience stores or mileage points accepted by airlines, wouldn’t be covered by the standards.

In May, the National Committee of Experts on the Internet Financial Security Technology, a Chinese business organization of China, said it found 421 fake cryptocurrencies. Independently, the Wall Street Journal examined 1,450 ICOs and”found 271 with red flags which include plagiarized investor records, promises of guaranteed returns and fake or missing executive teams and bitcoin casino best bonus.”

Securities Tokens

The Securities and Futures Bureau of taiwan Deputy Director-General Tsai Li-ling was quoted from the Taipei Times asserting:

People often confuse the trading of cryptocurrencies and an ICO governor of Taiwan’s central bank, Yang Chin-long, told the finance committee that”the government will regard cryptocurrencies as virtual commodities or assets as opposed to currencies, because they don’t have any intrinsic value.”  Tsai elaborated that”cryptocurrency trading is like trading in gold, for which the commission just implements money laundering controls.”

If a token functions like some security,”the commission would define it as a’securities token’ and subject it to the Securities and Exchange Act,” the book quoted Tsai describing, including:

The issuer would also must disclose information similar to what companies which are publicly traded need to do today.

Regarding the time frame of the ICO criteria,”The draft is to be completed by June next year,” the news outlet detailed, noting that”The commission has no intention of curbing the creativity and productivity related to cryptocurrencies if they’re not used as securities.”

“The more we govern, the more this new financial behaviour wanes,” Koo was quoted saying. In June, the FSC indicated that it intended to maintain a limited supervision of cryptocurrencies and focus on anti-money laundering measures. In April, news.Bitcoin.com reported that Taiwanese bitcoin regulations are expected by November.

What do you think of Taiwan regulating ICOs? Let us know in the comments section below.

Images courtesy of Shutterstock and Wikipedia.

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Source: bitcoincasinoreview.net

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